why can't I get a credit card?

[Flipx99 5,000+ posts]

You need a credit card to have a good credit score, just part of how FICO works. There is no reason not to have one if you can get a no annual fee card and pay it off every month before the grace period is up.
Also credit scores impact your insurance rates, so credit scores aren't totally useless.

This.

I think I have had 15 CCs or so in my life.

Now I have one.

 

[blazeplacid 10+ year member]

Part of your credit score is your ratio of available credit to running balance. So when they canceled your card, your score dropped //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

i really dont care

i have a new house

New car

plenty of money saved

they need me //content.invisioncic.com/y282845/emoticons/eek.gif.771b7a90cf45cabdc554ff1121c21c4a.gif

my score is/was a ~760

 

[illbmeubu 10+ year member]

I know someone who has been married for like 25 years and has never bought a house because he wanted to pay cash for a home. that's one of the dumbest things i've heard. with the amount of money he has saved up (over 100K) he could of put a down payment on a half a million dollar home and still had some pretty low payments. some people are too stuck in their ways.

 

[Flipx99 5,000+ posts]

This is kind of a ridiculous argument...
Yes you may be able to save up enough money before you die to buy a nice house with cash, however most people would rather use credit so they can have they're house while they're still young and just make payments on it...

That is why I prefaced my whole argument that credit is for poor people. Obviously, a person cannot pay cash for a house if they are poor.

 

[illbmeubu 10+ year member]

i really dont care
i have a new house

New car

plenty of money saved

they need me //content.invisioncic.com/y282845/emoticons/eek.gif.771b7a90cf45cabdc554ff1121c21c4a.gif

my score is/was a ~760

760? honestly anything over a 720 is pointless/almost impossible.

 

[Flipx99 5,000+ posts]

I know someone who has been married for like 25 years and has never bought a house because he wanted to pay cash for a home. that's one of the dumbest things i've heard. with the amount of money he has saved up (over 100K) he could of put a down payment on a half a million dollar home and still had some pretty low payments. some people are too stuck in their ways.

Or he could buy a 100k home outright. Your kind of thinking is going to lead you into trouble down the road. I strongly suggest a more conservative approach to financial management.

 

[bubbagumper6 5,000+ posts]

You need a credit card to have a good credit score, just part of how FICO works. There is no reason not to have one if you can get a no annual fee card and pay it off every month before the grace period is up.
Also credit scores impact your insurance rates, so credit scores aren't totally useless.

Actually, if you pay the card off every month, in the long run it looks like you aren't using the card. If you don't keep a running balance on it (and pay some interest) it doesn't help you much.

At least that's what they said on that Credit special they aired on ABC awhile back //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[Flipx99 5,000+ posts]

Name one.

Depends if you mean literally cash or not.

760? honestly anything over a 720 is pointless/almost impossible.

No, you are wrong.

 

[duece212 5,000+ posts]

760? honestly anything over a 720 is pointless/almost impossible.

wrong

Or he could buy a 100k home outright. Your kind of thinking is going to lead you into trouble down the road. I strongly suggest a more conservative approach to financial management.

ex-fukn-zactly

 

[blazeplacid 10+ year member]

760? honestly anything over a 720 is pointless/almost impossible.

im gangster i guess

just kept a small balance on all my cards (less than $1000)

payed all my bills on time and some a little extra

NEVER missed a payment

 

[Flipx99 5,000+ posts]

Actually, if you pay the card off every month, in the long run it looks like you aren't using the card. If you don't keep a running balance on it (and pay some interest) it doesn't help you much.
At least that's what they said on that Credit special they aired on ABC awhile back //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

Have you ever looked at a credit report? It looks exactly the same whether you pay the balance in full or carry a balance.

Fvck, I may have to post my credit report just to show you folks how it works/looks.

FYI: You can go to http://www.annualcreditreport.com to see your report (not score) for free. If you select one vendor every four months, you can essentially monitor your credit quarterly for free.

 

[bubbagumper6 5,000+ posts]

That is why I prefaced my whole argument that credit is for poor people. Obviously, a person cannot pay cash for a house if they are poor.

Well, most people (middle class) can't honestly save enough to buy a house with cash, but I wouldn't consider them poor.

Name one.

I meant, realistically, if you want to be technical, then yeah you could buy anything with cash...if you have enough

 

[Flipx99 5,000+ posts]

There is so much misinformation....sheesh.